Nakheel and Ali Moosa Sign for Jumeirah Villas

28 June 2004

Nakheel, one of the leading property developers in the Middle East region,
has signed an agreement with Ali Moosa and Sons Contracting for the construction
of 128 European Themed Villas at its Jumeirah Islands Development project.
The Jumeirah Islands project, another of Nakheel’s pioneering ventures,
is aimed at attracting families who are looking for the ultimate residential
retreat. The Jumeirah Islands project is shaped and designed on 300-hectares
of land located just off Interchanges 5 and 6 on the Sheikh Zayed Road.

“Our pioneering and innovative spirit in creating luxurious and exclusive
living space for discerning customers is the inspiration behind Jumeirah
Islands,” said Mr. Sultan Ahmed Bin Sulayem, Chairman of Nakheel at the
signing. “Like all our other projects, Jumeirah Islands depicts the cosmopolitan
character of Dubai. As a planned urban development project, it exhibits
a family environment and promotes a healthy lifestyle.”

“We are honoured to be awarded this contract,” said Engineer Fahad Ali
Mossa of Ali Moosa and Sons Contracting. “We look forward to working with
the regions leading and most innovative property developers and to contribute
to the continued development of the property market in Dubai.”
Under the agreement, Ali Moosa and Sons Contracting will construct and
maintain 128 European themed villas at Jumeirah Islands Development. The
contract is valid for Eight months after which the villas will be handed
over to Nakheel.

The Jumeirah Islands will consist of 50 islands that will be clustered
among spacious, luxuriantly landscaped canals and each cluster will be
bounded on three sides by water. Three million cubic metres of sea water
will be pumped into Jumeirah Islands Development from the Arabian Gulf,
creating the individual islands. Luxurious villas with private swimming
pool dot 46 islands and the development includes a commercial area which
will have extensive retail and leisure facilities. There will also be parks,
canoeing, and peddle-boating, walking trails, walkway bridges and a community
club. A variety of elements ranging from exquisite architecture to cascading
waterfalls, bountiful gardens, romantic promenades, luxury marinas and
an exclusive resort will all come together to form part of the experience
of Jumeirah Islands. A number of apartment buildings located on the fronds
will be launched by the end of 2004. ——-